106-549: Nyangweso is a settlement in Kenya 's Nyanza Province . This Nyanza Province location article is a stub . You can help Misplaced Pages by expanding it . Kenya Kenya , officially the Republic of Kenya ( Swahili : Jamhuri ya Kenya ), is a country in East Africa . With a population of more than 47.6 million in the 2019 census, Kenya is the 28th-most-populous country in
212-569: A Bantu cultural core. DNA evidence has found that the Swahili people were of mixed African and Asian (particularly Persian) ancestry. The Kilwa Sultanate was a medieval sultanate centred at Kilwa , in modern-day Tanzania. At its height, its authority stretched over the entire length of the Swahili Coast , including Kenya. Since the 10th century, rulers of Kilwa would go on to build elaborate coral mosques and introduce copper coinage. Swahili,
318-562: A Bantu language with Arabic , Persian , and other Middle-Eastern and South Asian loanwords , later developed as a lingua franca for trade between the different peoples. Since the turn of the 20th century, Swahili has adopted numerous loanwords and calques from English, many of them originating during English colonial rule. The Swahili built Mombasa into a major port city and established trade links with other nearby city-states, as well as commercial centres in Persia, Arabia, and even India. By
424-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At
530-480: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to
636-587: A colonist's perspective is found in the memoir Out of Africa by Danish author Baroness Karen von Blixen-Finecke, published in 1937. By the 1930s, approximately 30,000 white settlers lived in the area and gained a political voice because of their contribution to the market economy. The central highlands were already home to over a million members of the Kikuyu people, most of whom had no land claims in European terms and lived as itinerant farmers. To protect their interests,
742-533: A great amount of land, in the plains where people did not put up much resistance. The Nandi peoples managed to oppose the Masai, while the Taveta peoples fled to the forests on the eastern edge of Mount Kilimanjaro , although they later were forced to leave the land due to the threat of smallpox . An outbreak of either rinderpest or pleuropneumonia greatly affected the Masai's cattle, while an epidemic of smallpox affected
848-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there
954-415: A quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of
1060-498: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors
1166-869: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via
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#17330862642461272-710: Is bordered by South Sudan to the northwest, Ethiopia to the north, Somalia to the east, Uganda to the west, Tanzania to the south, and the Indian Ocean to the southeast. Kenya's geography , climate and population vary widely, ranging from cold snow-capped mountaintops (Batian, Nelion and Point Lenana on Mount Kenya ) with vast surrounding forests, wildlife and fertile agricultural regions to temperate climates in western and rift valley counties and further on to dry less fertile arid and semi-arid areas and absolute deserts ( Chalbi Desert and Nyiri Desert ). Kenya's earliest inhabitants were hunter-gatherers , like
1378-563: Is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around the world." Established in July of 1944 at the Bretton Woods Conference , primarily according to
1484-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as
1590-528: Is the second largest in eastern and central Africa, after Ethiopia, with Nairobi serving as a major regional commercial hub. Agriculture is the largest sector; tea and coffee are traditional cash crops, while fresh flowers are a fast-growing export. The service industry is also a major economic driver, particularly tourism. Kenya is a member of the East African Community trade bloc, though some international trade organisations categorise it as part of
1696-512: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,
1802-764: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by
1908-607: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in
2014-527: The Greater Horn of Africa . Africa is Kenya's largest export market, followed by the European Union. The Republic of Kenya is named after Mount Kenya . The earliest recorded version of the modern name was written by German explorer Johann Ludwig Krapf in the 19th century. While travelling with a Kamba caravan led by the long-distance trader Chief Kivoi , Krapf spotted the mountain peak and asked what it
2120-487: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to
2226-617: The Kalenjin , Samburu , Luo , Turkana , and Maasai . By the first millennium AD, Bantu -speaking farmers had moved into the region, initially along the coast. The Bantus originated in West Africa along the Benue River in what is now eastern Nigeria and western Cameroon . The Bantu migration brought new developments in agriculture and ironworking to the region. Bantu groups in Kenya include
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#17330862642462332-595: The Kikuyu , Luhya , Kamba , Kisii , Meru , Kuria , Aembu , Ambeere , Wadawida -Watuweta, Wapokomo, and Mijikenda , among others. Notable prehistoric sites in the interior of Kenya include the (possibly archaeoastronomical) site Namoratunga on the west side of Lake Turkana and the walled settlement of Thimlich Ohinga in Migori County . The Kenyan coast had served as host to communities of ironworkers and Bantu subsistence farmers, hunters, and fishers who supported
2438-617: The Ming Dynasty , visited the East African coast on one of his last ' treasure voyages '. Malindi authorities also welcomed the Portuguese explorer Vasco da Gama in 1498. During the 18th and 19th century C.E, the Masai people moved into central and southern Rift Valley plains of Kenya, from a region north of Lake Rudolf (now Lake Turkana ). Although there were not many, they managed to conquer
2544-512: The Pleistocene epoch. During excavations at Lake Turkana in 1984, palaeoanthropologist Richard Leakey , assisted by Kamoya Kimeu , discovered the Turkana Boy , a 1.6-million-year-old Homo erectus fossil. East Africa, including Kenya, is one of the earliest regions where modern humans ( Homo sapiens ) are believed to have lived. Evidence was found in 2018, dating to about 320,000 years ago, of
2650-554: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of
2756-682: The Somali Republic to the north. A ceasefire was eventually reached with the signing of the Arusha Memorandum in October 1967, but relative insecurity prevailed through 1969. To discourage further invasions, Kenya signed a defence pact with Ethiopia in 1969, which is still in effect. On 12 December 1964, the Republic of Kenya was proclaimed, and Jomo Kenyatta became Kenya's first president. Under Kenyatta, corruption became widespread throughout
2862-784: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of
2968-454: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of
3074-410: The 15th century, Portuguese voyager Duarte Barbosa claimed that "Mombasa is a place of great traffic and has a good harbour in which there are always moored small craft of many kinds and also great ships, both of which are bound from Sofala and others which come from Cambay and Melinde and others which sail to the island of Zanzibar." In the 17th century, the Swahili coast was conquered and came under
3180-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed
3286-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in
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3392-470: The 1963 independence constitution with a new one. As a result, the elections of 2007 took place following the procedure set by the old constitution. Kibaki was reelected in highly contested elections marred by political and ethnic violence . The main opposition leader, Raila Odinga, claimed the election was rigged and that he was the rightfully elected president. In the ensuing violence, 1,500 people were killed and another 600,000 internally displaced, making it
3498-415: The 2002 elections. Moi's plan to be replaced by Uhuru Kenyatta failed, and Mwai Kibaki , running for the opposition coalition "National Rainbow Coalition" ( NARC ), was elected president. David Anderson (2003) reports the elections were judged free and fair by local and international observers, and seemed to mark a turning point in Kenya's democratic evolution. In 2005, Kenyans rejected a plan to replace
3604-706: The Air Force. It was quickly suppressed by forces commanded by Chief of General Staff Mahamoud Mohamed , a veteran Somali military official. They included the General Service Unit (GSU)—a paramilitary wing of the police—and later the regular police. On the heels of the Garissa Massacre of 1980, Kenyan troops committed the Wagalla massacre in 1984 against thousands of civilians in Wajir County . An official probe into
3710-514: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with
3816-504: The Embu call it "Kirinyaa". All three names have the same meaning. Ludwig Krapf recorded the name as both Kenia and Kegnia . Some have said that this was a precise notation of the African pronunciation / ˈ k ɛ n j ə / . An 1882 map drawn by Joseph Thompsons, a Scottish geologist and naturalist, indicated Mt. Kenya as Mt. Kenia. The mountain's name was accepted, pars pro toto , as
3922-463: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to
4028-513: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and
4134-609: The IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this
4240-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,
4346-554: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under
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4452-533: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining
4558-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once
4664-512: The Masai themselves. After the death of the Masai Mbatian , the chief laibon (medicine man), the Masai split into warring factions. The Masai caused much strife in the areas they conquered; however, cooperation between such groups as the Luo people , Luhya people , and Gusii people is evidenced by shared vocabulary for modern implements and similar economic regimes. Although Arab traders remained in
4770-781: The Protectorate of Kenya so that all of Kenya would become one sovereign state. In this way, Kenya became an independent country under the Kenya Independence Act 1963 of the United Kingdom. On 12 December 1964, Kenya became a republic under the name "Republic of Kenya". Concurrently, the Kenyan army fought the Shifta War against ethnic Somali rebels inhabiting the Northern Frontier District who wanted to join their kin in
4876-478: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by
4982-482: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which
5088-502: The UK and the colony led to the Mau Mau revolution , which began in 1952, and the declaration of independence in 1963. After independence, Kenya remained a member of the Commonwealth of Nations . The current constitution was adopted in 2010 and replaced the 1963 independence constitution . Kenya is a presidential representative democratic republic, in which elected officials represent
5194-467: The United Kingdom. Kenya itself was the site of fighting between Allied forces and Italian troops in 1940–41, when Italian forces invaded. Wajir and Malindi were bombed as well. From October 1952 to December 1959, Kenya was in a state of emergency arising from the Mau Mau rebellion against British rule. The Mau Mau, also known as the Kenya Land and Freedom Army, were primarily Kikuyu people. During
5300-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into
5406-462: The area, trade routes were disrupted by the hostile Masai, though there was trade in ivory between these factions. The first foreigners to successfully get past the Masai were Johann Ludwig Krapf and Johannes Rebmann , two German missionaries who established a mission in Rabai , not too far from Mombasa . The pair were the first Europeans to sight Mount Kenya . The colonial history of Kenya dates from
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#17330862642465512-591: The article by stating the cost of the stability in terms of human rights abuses. The opposition party started by Oginga Odinga — Kenya People's Union (KPU)—was banned in 1969 after the Kisumu Massacre and KPU leaders were still in detention without trial in gross violation of the U.N. Declaration of Human Rights . The Kenya Students Union, Jehovah Witnesses and all opposition parties were outlawed. Kenyatta ruled until his death on 22 August 1978. After Kenyatta died, Daniel arap Moi became president. He retained
5618-453: The atrocities was later ordered in 2011. The election held in 1988 saw the advent of the mlolongo (queuing) system, where voters were supposed to line up behind their favoured candidates instead of casting a secret ballot. This was seen as the climax of a very undemocratic regime and led to widespread agitation for constitutional reform. Several contentious clauses, including the one that allowed for only one political party, were changed in
5724-475: The beginning of the end of Moi's leadership and the rule of KANU. Moi retained the presidency and George Saitoti became vice president. Although it held on to power, KANU won 100 seats and lost 88 seats to the six opposition parties. The 1992 elections marked the beginning of multiparty politics after more than 25 years of KANU rule. Following skirmishes in the aftermath of the elections, 5,000 people were killed and another 75,000 displaced from their homes. In
5830-558: The bulk of the skilled labour required for construction. They and most of their descendants later remained in Kenya and formed the core of several distinct Indian communities, such as the Ismaili Muslim and Sikh communities. While building the railway through Tsavo , a number of the Indian railway workers and local African labourers were attacked by two lions known as the Tsavo maneaters . At
5936-532: The centuries, the Kenyan coast has played host to many merchants and explorers. Among the cities that line the Kenyan coast is Malindi. It has remained an important Swahili settlement since the 14th century and once rivalled Mombasa for dominance in the African Great Lakes region. Malindi has traditionally been a friendly port city for foreign powers. In 1414, the Chinese trader and explorer Zheng He , representing
6042-565: The coast and the interior between 250 BC and 500 AD. European contact began in 1500 AD with the Portuguese Empire , and effective colonisation of Kenya began in the 19th century during the European exploration of Africa . Modern-day Kenya emerged from a protectorate established by the British Empire in 1895 and the subsequent Kenya Colony , which began in 1920. Numerous disputes between
6148-597: The coastal hotel business, with Kenyatta personally owning the Leonard Beach Hotel. Kenyatta's mixed legacy was highlighted at the 10-year anniversary of Kenya's independence. A December 1973 article in The New York Times praised Kenyatta's leadership and Kenya for emerging as a model of pragmatism and conservatism. Kenya's GDP had increased at an annual rate of 6.6%, higher than the population growth rate of more than 3%. But Amnesty International responded to
6254-598: The colonial administration's crackdown, over 11,000 freedom fighters had been killed, along with 100 British troops and 2,000 Kenyan loyalist soldiers. War crimes were committed on both sides of the conflict, including the publicised Lari massacre and the Hola massacre . The governor requested and obtained British and African troops, including the King's African Rifles . The British began counter-insurgency operations. In May 1953, General Sir George Erskine took charge as commander-in-chief of
6360-677: The colony's armed forces, with the personal backing of Winston Churchill . The capture of Waruhiu Itote (nom de guerre "General China" ) on 15 January 1954 and the subsequent interrogation led to a better understanding of the Mau Mau command structure for the British. Operation Anvil opened on 24 April 1954, after weeks of planning by the army with the approval of the War Council. The operation effectively placed Nairobi under military siege. Nairobi's occupants were screened and suspected Mau Mau supporters moved to detention camps. More than 80,000 Kikuyu were held in detention camps without trial, often subject to brutal treatment. The Home Guard formed
6466-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it
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#17330862642466572-430: The constitution to allow Moi to remain president for another term. Subsequently, Moi stood for reelection and won a 5th term in 1997. His win was strongly criticised by his major opponents, Kibaki and Odinga , as fraudulent. Following this win, Moi was constitutionally barred from another presidential term. Beginning in 1998, he attempted to influence the country's succession politics to have Uhuru Kenyatta elected in
6678-413: The core of the government's strategy as it was composed of loyalist Africans, not foreign forces such as the British Army and King's African Rifles. The capture of Dedan Kimathi on 21 October 1956 in Nyeri signified the ultimate defeat of the Mau Mau and essentially ended the military offensive. During this period, substantial governmental changes to land tenure occurred. The most important of these
6784-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over
6890-428: The country. The building of the railway was resisted by some ethnic groups—notably the Nandi , led by Orkoiyot Koitalel Arap Samoei from 1890 to 1900—but the British eventually built it. The Nandi were the first ethnic group to be put in a native reserve to stop them from disrupting the building of the railway. During the railway construction era, there was a significant influx of Indian workers, who provided
6996-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that
7102-427: The direct rule of the Omani Arabs , who expanded the slave trade to meet the demands of plantations in Oman and Zanzibar . Initially, these traders came mainly from Oman, but later many came from Zanzibar (such as Tippu Tip ). In addition, the Portuguese started buying slaves from the Omani and Zanzibari traders in response to the interruption of the transatlantic slave trade by British abolitionists. Throughout
7208-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During
7314-441: The early emergence of modern behaviours , including long-distance trade networks (involving goods such as obsidian), the use of pigments, and the possible making of projectile points. The authors of three 2018 studies on the site suggest that complex and modern behaviours had already begun in Africa around the time of the emergence of Homo sapiens . The first inhabitants of present-day Kenya were hunter-gatherer groups, akin to
7420-411: The economy with agriculture, fishing, metal production, and trade with foreign countries. These communities formed the earliest city-states in the region, which were collectively known as Azania . By the 1st century CE, many of the city-states such as Mombasa , Malindi , and Zanzibar began to establish trading relations with Arabs . This led to the increased economic growth of the Swahili states,
7526-451: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to
7632-685: The establishment of a German Empire protectorate over the Sultan of Zanzibar 's coastal possessions in 1885, followed by the arrival of the Imperial British East Africa Company in 1888. Imperial rivalry was prevented by the Heligoland–Zanzibar Treaty , Germany handed its East African coastal holdings to Britain in 1890. The transfer by Germany to Britain was followed by the building of the Uganda Railway passing through
7738-450: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of
7844-431: The following years. In 1991, Kenya transitioned to a multiparty political system after 26 years of single-party rule. On 28 October 1992, Moi dissolved parliament, five months before the end of his term. As a result, preparations began for all elective seats in parliament as well as the president. The election was scheduled to take place on 7 December 1992, but delays led to its postponement to 29 December. Apart from KANU,
7950-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality
8056-510: The government, civil service, and business community. Kenyatta and his family were tied up with this corruption as they enriched themselves through the mass purchase of property after 1963. Their acquisitions in the Central, Rift Valley, and Coast Provinces aroused great anger among landless Kenyans. His family used his presidential position to circumvent legal or administrative obstacles to acquiring property. The Kenyatta family also heavily invested in
8162-427: The ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and the goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through
8268-511: The introduction of Islam , Arabic influences on the Swahili Bantu language , cultural diffusion , as well as the Swahili city-states becoming members of a larger trade network. Many historians had long believed that the city-states were established by Arab or Persian traders, but archaeological evidence has led scholars to recognise the city-states as an indigenous development which, though subjected to foreign influence due to trade, retained
8374-634: The land, capturing British supplies, and remaining undefeated. He eventually surrendered in Northern Rhodesia (today Zambia) 14 days after the Armistice was signed in 1918. To chase von Lettow, the British deployed the British Indian Army troops from India but needed large numbers of porters to overcome the formidable logistics of transporting supplies far into the interior on foot. The Carrier Corps
8480-535: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under
8586-632: The modern Khoisan speakers. These people were later largely replaced by agropastoralist Cushitic (ancestral to Kenya's Cushitic speakers) from the Horn of Africa . During the early Holocene , the regional climate shifted from dry to wetter conditions, providing an opportunity for the development of cultural traditions such as agriculture and herding , in a more favourable environment. Around 500 BC, Nilotic -speaking pastoralists (ancestral to Kenya's Nilotic speakers) started migrating from present-day southern Sudan into Kenya. Nilotic groups in Kenya include
8692-556: The name of the country. It did not come into widespread official use during the early colonial period, when the country was referred to as the East African Protectorate . The official name was changed to the Colony of Kenya in 1920. Hominids such as Homo habilis (1.8 to 2.5 million years ago) and Homo erectus (1.9 million to 350,000 years ago) are possible direct ancestors of modern Homo sapiens , and lived in Kenya in
8798-464: The next five years, many political alliances were formed in preparation for the next elections. In 1994, Jaramogi Oginga Odinga died and several coalitions joined his FORD Kenya party to form a new party, United National Democratic Alliance. This party was plagued with disagreements. In 1995, Richard Leakey formed the Safina party, but it was denied registration until November 1997. In 1996, KANU revised
8904-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in
9010-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses
9116-600: The outbreak of World War I in August 1914, the governors of British East Africa (as the protectorate was generally known) and German East Africa initially agreed on a truce in an attempt to keep the young colonies out of direct hostilities. But Lieutenant Colonel Paul von Lettow-Vorbeck , the German military commander, determined to tie down as many British resources as possible. Completely cut off from Germany, Lettow-Vorbeck conducted an effective guerrilla warfare campaign , living off
9222-597: The people and the president is the head of state and government. Kenya is a member of the United Nations , the Commonwealth , World Bank , International Monetary Fund , World Trade Organization , COMESA , International Criminal Court , as well as other international organisations. It is also a major non-NATO ally of the United States . With a GNI of 1,840, Kenya is a lower-middle-income economy. Kenya's economy
9328-507: The present-day Hadza people . According to archaeological dating of associated artifacts and skeletal material, Cushitic speakers first settled in Kenya's lowlands between 3,200 and 1,300 BC, a phase known as the Lowland Savanna Pastoral Neolithic . Nilotic -speaking pastoralists (ancestral to Kenya's Nilotic speakers) began migrating from present-day South Sudan into Kenya around 500 BC. Bantu people settled at
9434-416: The presidency, running unopposed in elections held in 1979, 1983 ( snap elections ), and 1988, all of which were held under the single-party constitution. The 1983 elections were held a year early, and were a direct result of a failed military coup on 2 August 1982. The 1982 coup was masterminded by a low-ranking Air Force serviceman, Senior Private Hezekiah Ochuka , and was staged mainly by enlisted men of
9540-404: The ruling party, other parties represented in the elections included FORD Kenya and FORD Asili. This election was marked by large-scale intimidation of opponents and harassment of election officials. It resulted in an economic crisis propagated by ethnic violence as the president was accused of rigging electoral results to retain power. This election was a turning point for Kenya as it signified
9646-403: The settlers banned the growing of coffee and introduced a hut tax, and the landless were granted less and less land in exchange for their labour. A massive exodus to the cities ensued as their ability to make a living from the land dwindled. By the 1950s, there were 80,000 white settlers living in Kenya. Throughout World War II , Kenya was an important source of manpower and agriculture for
9752-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from
9858-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But
9964-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in
10070-589: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp
10176-575: The willingness of Somalis in Kenya to join Somalia . The result of the referendum showed that 86% of Somalis in Kenya wanted to join Somalia , yet the British colonial administration rejected the result and the Somalis remained in Kenya. The first direct elections for native Kenyans to the Legislative Council took place in 1957. Despite British hopes of handing power to "moderate" local rivals, it
10282-588: The world and 7th most populous in Africa. Kenya's capital and largest city is Nairobi , while its oldest and second-largest city, is the major port city of Mombasa , situated on Mombasa Island in the Indian Ocean and the surrounding mainland. Mombasa was the capital of the British East Africa Protectorate , which included most of what is now Kenya and southwestern Somalia, from 1889 to 1907. Other important cities include Kisumu and Nakuru . Kenya
10388-550: The worst post-election violence in Kenya. To stop the death and displacement of people, Kibaki and Odinga agreed to work together, with the latter taking the position of a prime minister. This made Odinga the second prime minister of Kenya . International Monetary Fund The International Monetary Fund ( IMF ) is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It
10494-593: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and
10600-439: Was called. Kivoi told him " Kĩ-Nyaa " or " Kĩlĩma- Kĩinyaa ", probably because the pattern of black rock and white snow on its peaks reminded him of the feathers of the male ostrich. In archaic Kikuyu , the word 'nyaga' or more commonly 'manyaganyaga' is used to describe an extremely bright object. The Agikuyu, who inhabit the slopes of Mt. Kenya, call it Kĩrĩma Kĩrĩnyaga (literally 'the mountain with brightness') in Kikuyu , while
10706-502: Was formed and ultimately mobilised over 400,000 Africans, contributing to their long-term politicisation. In 1920, the East Africa Protectorate was turned into a colony and renamed Kenya after its highest mountain. During the early part of the 20th century, the interior central highlands were settled by British and other European farmers, who became wealthy farming coffee and tea. One depiction of this period of change from
10812-433: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced
10918-582: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by
11024-520: Was the Kenya African National Union (KANU) of Jomo Kenyatta that formed a government. The Colony of Kenya and the Protectorate of Kenya each came to an end on 12 December 1963, with independence conferred on all of Kenya. The U.K. ceded sovereignty over the Colony of Kenya. The Sultan of Zanzibar agreed that simultaneous with independence for the colony, he would cease to have sovereignty over
11130-542: Was the Swynnerton Plan , which was used to both reward loyalists and punish Mau Mau. This left roughly 1/3rd of Kikuyu bereft of any tenancy land arrangement and thus propertyless at the time of independence. Before Kenya got its independence, Somali ethnic people in present-day Kenya in the areas of Northern Frontier Districts petitioned Her Majesty's Government not to be included in Kenya. The colonial government decided to hold Kenya's first referendum in 1962 to check
11236-575: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to
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